Oil and Gas Needs Drive Pressure Transmitter Market
March 12, 2008
Driven by strong growth in the oil and gas industry, the worldwide
market for pressure transmitters will grow by 6.1 percent annually for
the next several years, rising from $1.93 billion in 2006 to almost
$2.6 billion in 2011, according to a recent report from Flow Research
Inc., Wakefield, Mass.
The most rapid growth is occurring where new process plants are being built, primarily in China, the Middle East and in developing countries in Asia, says the report, titled “The World Market for Pressure Transmitters, 2nd Edition.” Pressure transmitters are widely used in the oil and gas industry, which is currently undergoing rapid growth. Increases in the price of crude oil have generated a major increase in upstream oil and gas activity. It is now profitable to drill for oil in many locations that were previously too expensive for oil exploration and production. Other industries where pressure transmitters are widely used include refining, chemical, and power.
Rapid growth in the multivariable transmitter market is also driving growth in the pressure transmitter market. The market for multivariable pressure transmitters for flow more than doubled in the past four years, the study found.
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